As part of the transaction, owners at their winter meeting in Irving, Texas, last week each agreed to put another $5 million, or $160 million, into 32 Equity, the league’s venture capital fund that is making the investment in NOBULL, the sources said. . A copy of the meeting agenda listed a vote on NOBULL.
The owners have already injected $96 million into their fund since it was launched in 2013, so the new money takes the overall commitment to more than $250 million (that doesn’t include profits from previous investments that were reinvested).
The strategy of 32 Equity from inception is to invest in companies that are in the sports ecosystem and benefit in part from their relationship with the NFL. Twitter was used at the time as an example of a company that profited from the NFL, but in which the league had no upside.
Since 2013, 32 Equity investments include Fanatics, sports gambling data company Genius Sports, point-of-sale software maker Appetize, mobile gaming application Skillz, athlete recovery device company Hyperice, technology firm Strivr, which makes virtual football training products, and events company On Location Experiences that has a big business around the Super Bowl.
The NFL declined to comment.
“It’s on me to be physically, mentally, and emotionally ready for whatever is to come. Training is everything.” – @macjones_10#IAMNOBULL #JustTheHorns pic.twitter.com/pDZ9It8L2r
— NOBULL (@nobull) August 30, 2022
In an emailed statement, NOBULL chief marketing officer Todd Meleney said, “2022 was a landmark year for NOBULL, and our official partnership announcement with the NFL in August marked a major step in our journey as a brand. We are excited about NOBULL’s future growth in the US and globally. As a private company, we do not disclose financial information and cannot provide further comment at this time.”
The NFL recently created an owners committee just for 32 Equity, according to SportsBusiness Journal, underscoring the growing importance for the league of investing in foreign companies.
The NFL has held stakes in apparel and footwear companies before, but those positions came in the form of stock options that were part of payments for licensing deals, such as with Under Armor and years ago, Reebok. In this case, the NFL is directly investing in NOBULL, a Boston-based firm founded in 2015.
NOBULL is best known for its connection to CrossFit, the high-intensity workout regimen that is branded across thousands of gyms. NOBULL title sponsors the CrossFit games and backs several of the sport’s stars.
NOBULL sells a variety of footwear including cycling shoes, running sneakers and trainers. While it sells gear for sports like running, swimming and golf, it currently has no category for football.
Whether that might change is unclear, but the company is obviously seeking closer ties to the NFL. Last year, it inked Patriots quarterback Mac Jones to an endorsement. The company also has Alabama quarterback Bryce Young and Kentucky quarterback Will Levis under contract. Earlier this year, NOBULL agreed to sponsor the NFL Combine.
The NFL first sold an apparel sponsor to the Combine in 2008 to Under Armour, then an up-and-coming brand. In 2019, the league reached a new deal with New Era to start in 2020, and now NOBULL takes over. If NOBULL benefits from its ties to the Combine, the NFL as an investor now reaps some of those benefits.
The Combine gives the sponsoring apparel company the opportunity to showcase soon-to-be NFL players running, jumping and lifting weights in their gear. This is appealing marketing for an extreme fitness brand like NOBULL.
Combine participants are required to wear NOBULL apparel and headwear, with footwear of their choice as it is for competitors in the CrossFit Games. NOBULL is also set to erect a warm-up center for Combine prospects inside Indianapolis’ Lucas Oil Stadium and announced it will seek to improve the registration, recovery and lounge areas.
The Combine, which is scheduled from Feb. 28 to March 6, is a focus point for apparel and footwear companies seeking to get their gear on NFL players. During the week, brands like Nike and Under Armor set up showrooms in hotels in Indianapolis, with a steady flow of former collegians coming through to pick up swag.
NOBULL now is presumably among that crowd.
(Photo: Kirby Lee / USA Today)
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